Comment on Notice under Section 139(9)? - Possible reason
commented on
31 Jan 2015, 01:32 PM
Hi,
My view on above matter is –
As per section 44AB r/w section 44AD, where turnover is less than Rs 1 crore, audit is required when profits shown are less than 8% of the gross receipts or turnover and the income exceeds maximum amount not chargeable to tax.
In case of loss the income does not exceed maximum amount not chargeable to tax and hence audit is not required.